Teekay Tankers (NYSE:TNK) Earns Underperform Rating from Bank of America

Teekay Tankers (NYSE:TNK)‘s stock had its “underperform” rating restated by research analysts at Bank of America in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $46.00 price target on the shipping company’s stock, down from their prior price target of $51.00. Bank of America‘s price objective indicates a potential upside of 4.19% from the company’s current price.

Several other analysts have also recently commented on TNK. Evercore ISI boosted their price target on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com assumed coverage on Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $72.00 target price on shares of Teekay Tankers in a research report on Thursday, October 31st. Finally, Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

Teekay Tankers Stock Performance

Shares of NYSE TNK opened at $44.15 on Wednesday. The company has a market cap of $1.51 billion, a PE ratio of 3.62, a P/E/G ratio of 1.31 and a beta of -0.32. The business has a 50-day simple moving average of $53.93 and a two-hundred day simple moving average of $60.66. Teekay Tankers has a fifty-two week low of $43.63 and a fifty-two week high of $74.20.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently bought and sold shares of TNK. Dimensional Fund Advisors LP increased its position in Teekay Tankers by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock valued at $141,723,000 after purchasing an additional 13,330 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Teekay Tankers by 41.3% in the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock worth $64,361,000 after purchasing an additional 273,530 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Teekay Tankers by 9.7% in the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after purchasing an additional 80,217 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Teekay Tankers by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after purchasing an additional 93,788 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Teekay Tankers by 20.9% in the 2nd quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock worth $49,172,000 after purchasing an additional 123,500 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.